Turkey Wake-up call: Macro, Political and Equity News, 27th October
BIST climbed 1.09% yesterday, extending its winning streak to the seventh consecutive day. After an uptick open, BIST100 index quickly hopped above the 1,506 mark which turned out to be a support level for the rest of the day. Banks gained 0.98% on average, just a tad behind the gain for the headline index. THYAO, SAHOL, SISE, EREGL, ASELS, GUBRF, SASA, TAVHL, and AGHOL stood out among the non-bank gainers while TOASO, TUPRS, PETKM, ZOREN, LOGO, MAVI, and TTKOM topped the shorter list of decliners. Coming to this morning, our local macro agenda involves September'21 Foreign Trade numbers due at 10AM local time. Bloomberg consensus for monthly deficit at USD2.60bn vs preliminary data released earlier by the Ministry of Customs & Trade that are indicating a USD2.60bn (-46.4% yoy) trade gap for the month (Exports USD20.78bn (+30.0% yoy) // Imports USD23.39bn (+12.2% yoy)). Traders will also be eyeing President Erdogan's speech at his party group meeting in the Parliament starting at 12PM local. We project a downtick start for the BIST given the profit-taking mood abroad and some reversal of yesterday's gains in lira (USDTRY at around 9.5350 vs 9.5288 at yesterday's closing bell). U.S. futures are up a few points in partial recovery of the 0.3-0.4% overnight declines after the hour we left while Asian bourses are mostly trading in the red.
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